Let \(\mathbb {F}_{q}\) be a finite field of characteristic p and \(\xi \in \mathbb {F}_{q}((T^{-1}))\) . The approximation constant \(\lambda _{n}(\xi )\) is defined as the supremum of \(\lambda \in \mathbb {R}\) such that the estimate \(\max _{0\le j\le k} \Vert Q\xi ^{k}\Vert \le |Q|^{-\lambda }\) has infinitely many polynomial solutions Q. Here \(\Vert .\Vert \) denotes the distance to the closest polynomial. In this paper, we determine the value of the Diophantine approximation exponent \(\lambda _{n}(\xi )\) for hyperquadratic and non-hyperquadratic power series \(\xi \) over \(\mathbb {F}_{q}\) .